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5 ways taking health insurance now can save you money

3 March 2020

Under 30? Congratulations, you’re probably better at running marathons, more attractive and stronger than any of your elders.* But did you know, you’re also eligible for some pretty decent discounts when it comes to your health cover?

Thanks to a number of government initiatives, as well as a few perks that the Suncorp Health Insurance Team has thrown in, taking out private hospital cover when you’re under 30 can set you up for some serious savings in the long-run. 

So when you’re ready to jump off the treadmill, step away from the mirror and put down the dumbbell, check out these five ways your health cover can save you.

1. Reduce your tax

Do you earn over $90,000 (or do you and your partner earn more than $180,000 combined)? If you don’t have hospital cover, you could be required to pay the Medicare Levy Surcharge (MLS) which is an extra 1% to 1.5% in tax.

To avoid being stumped with the MLS, join any Suncorp Hospital Cover before the 1st of July and keep your policy active for the full financial year. For more information on the MLS, including income brackets and the different tiers of surcharges, head over to the ATO website.

2. Get up to 10% off your hospital cover

It’s so important to have the protection of health insurance, even when you’re young and healthy, which is why the Suncorp Health Insurance Team offers the Age Based Discount (ABD) for Suncorp Health Insurance Hospital Cover. The ABD aims to help young people afford private health cover, so if you do have an accident or experience an injury, you can feel confident that you’ll be back to work and play as quickly as possible.

The ABD is available to new and existing Suncorp Health Insurance members aged 18-29 who take out Suncorp Health Insurance Hospital Cover – and you could keep this discount until you turn 41 and then decreases 2% every year after that.

The discount you’re eligible for depends on the age you were when you took out hospital cover. The table below is a helpul guide on the discount you can expect.

Age

Discount

18-25

10%

26

8%

27

6%

28

4%

29

2%

3. Avoid the LHC

The Lifetime Health Cover (LHC) loading was introduced by the Australian Government to encourage young people to take out private health insurance. So, if you don’t take out hospital cover before the first of July after your 31st birthday, you could be charged an extra 2% annual loading for every year you’re aged over 30 when you do take out your health cover.

4. Choose from different levels of excess

The Suncorp Health Insurance Team is all about making health insurance affordable, which is why members have more options when it comes to excess. You can opt to increase your Hospital excess in return for a lower premium; singles can increase their limit to $750 and families to $1,500.

If you’re new to Suncorp Health Insurance, get a quote online, or if you’re an existing member you can log into your online account to confirm your current excess amount.

5. Make it automatic and save even more

Managing your health insurance should be simple, which is why the Suncorp Health Insurance Team offers direct debit to members. Not only can you rest assured you wont miss a payment, but you can receive up to 4% off if you do set up direct debit. Log into your Suncorp online account and update your direct debit details.

Ready to get started? It takes just a few minutes to get a Suncorp Health Insurance quote online. Alternatively, call 13 11 55 to discuss your options.

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* Source: https://www.sciencealert.com/here-are-the-ages-you-peak-at-everything-throughout-life

This article has been prepared by nib health funds limited ABN 83 000 124 381 (nib). Please note that the health and related information above is provided for general information purposes only and is not intended to be a substitute for professional advice. Accordingly, the above information not intended to be used as a substitute for advice from healthcare professionals.  We recommend that you see a qualified health professional to obtain advice relevant to your particular circumstances.

Suncorp Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib), a registered private health insurer, and is marketed by Platform CoVentures Pty Ltd ABN 82 626 829 623 (PC), a Suncorp Group company. PC is an authorised agent of nib and receives commission from nib.

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